ICO Rating Reduction: Reassessing SONM

ICO Rating Reduction: Reassessing SONM

Introduction

P. H. Madore

P. H. Madore has covered the cryptocurrency beat over the course of hundreds of articles for Hacked's sister site, CryptoCoinsNews, as well as some of her competitors. He is a major contributing developer to the Woodcoin project, and has made technical contributions on a number of other cryptocurrency projects. In spare time, he recently began a more personalized, weekly newsletter at http://ico.phm.link

When the author originally assessed SONM, he came out with a 9 out of 10 based on a numerical rating system that had not really developed yet. At present there would be no reason to rate SONM this highly, in terms of short-term profitability, so we’re going to take a massive knife to this score today: reduce from 9 to 6.1. For short-term traders, we have to reduce it beneath the 5.0 threshold – sell when able (though you should not be forced to sell at a loss) – a safer rating for short-term traders regarding SONM is 4.1.

// -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- //

The logic behind this move might be hard to follow. Clearly, the author still believes this project has technical and financial potential long-term. The author will continue to acquire SONM at what he sees to be discount rates. Nevertheless, it is a bad recommendation to tell someone: just hold your bag and join the faith with me. If you do not agree with the author’s technical assessment of the project, or believe that similar projects are going to beat it out of existence, then this is not one you can speculate on without getting dirty in the process.

That said, the size of the point reduction bears explanation. There seems to be significant question as to the nature and provenance of the team behind SONM. Unconfirmed, anonymous, actually unsubstantiated posts in a Russian version of 4Chan have surfaced to the author’s attention (NSFW). A Google translation of someone who apparently claims to be the SONM founder reads:

To me 23, one year ago started to be engaged in the startup. Before that, all my life I was a loser – I was sitting on my mother’s neck, I did not work anywhere, my knowledge was at the level of the JS school course, there was no chan, there was no money, drisch, stuttered at conversation, never was abroad or even Just at sea, MMR was in the district of 2k.

Six months I tried to do my project at the same time, to study at the magistracy and work for my uncle, then I flew out of the sorceries because of absenteeism, but left my job, because all of them were fucked in the office.

I decided that there was nothing to lose, went all-in and decided to raise money through the crypt, and what do you think?

It worked. We collected $ 42 million in the crypt, and since Part of the money went to the team’s fee, then I became a happy owner of a million dollars.

That’s how I came to success. And I do not know what to do next. Well, that is, of course, we will continue to cut the product, but what exactly should we do with our share? What about your life?

The post was made by an anonymous party, and could easily be a spoof post, but it does give rise to questions around whether or not such a thing is possible. As we reported in the original rating report, Anton Tyurin of Yandex is on the project.

The author believes such negativity and FUD will dissipate when SONM eventually yields a viable product that investors find tangible, but in the meantime, feels confident in advising against attempting to speculate short-term on SNM tokens.

P. H. Madore

P. H. Madore has covered the cryptocurrency beat over the course of hundreds of articles for Hacked's sister site, CryptoCoinsNews, as well as some of her competitors. He is a major contributing developer to the Woodcoin project, and has made technical contributions on a number of other cryptocurrency projects. In spare time, he recently began a more personalized, weekly newsletter at http://ico.phm.link

Posted on 1:06 am September 1, 2017.

I’m sad to see this article… is this what I am paying for a Hacked membership? An author that evaluates ICOs based on anonymous comments on 4chan? I would very much like to believe that you can do better… please, follow up or remove this article.

Posted on 1:31 am September 1, 2017.

Posted on 6:38 am September 1, 2017.

Am really surprised and disappointed in the author. See this post on Aug 16th https://hacked.com/2019-icos-now-thriving-firms-part-1-3/ where the author rated SONM one of the three thriving firms alongside OmiseGO and Aragon. In 2 weeks time, he has changed his opinion and substantially reduced the ICO rating.

Posted on 10:02 am September 1, 2017.

Unfortunately this article really is weak. To change the opinion about a project because it may be disappointing on the market short-term, ok. But to underline that with blasting out a months-old rumor from anonymous source saying “it does give rise to questions around whether or not such a thing is possible.” – that is everything but not respectable. And the team already reacted on that a while ago!

Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years of trading experience. He covers Forex, Commodities and Cryptocurrencies. He is among the top 10 most Read More

Jonas Borchgrevink

Founder

Jonas Borchgrevink is the founder of Hacked.com and CryptoCoinsNews.com. He is a serial entrepreneur, trader and investor. He shares his own personal journey on Hacked.com. // -- Discuss and ask Read More

Mate Csar

Analyst

Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive Read More

Mati Greenspan

Analyst

Senior Market Analyst at Etoro.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Important: Never invest Read More

Rakesh Upadhyay

Analyst

Rakesh Upadhyay is a Technical Analyst and Portfolio Consultant for The Summit Group. He has more than a decade of experience as a private trader. His philosophy is to use Read More

Pamela Meropiali

Account Manager

Pamela Meropiali is responsible for users on Hacked.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Read More

Joseph Young

Journalist

Joseph Young is a finance and tech journalist & analyst based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering Read More